| BNY Mellon has agreed to pay $14.8 million to settle corruption charges for giving internships to family members of a Middle Eastern sovereign wealth fund’s officials. The US Securities and Exchange Commission (SEC) found that the custodian bank and asset manager employed three of these family members in 2010 despite them not meeting “stringent hiring standards” of a minimum grade point average and multiple interviews.
“BNY Mellon viewed the internships as important to keep the sovereign wealth fund’s business,” the SEC said. The unnamed sovereign fund had been BNY Mellon’s customer since 2000 and held about $55 billion with the bank...............................................Full Article: Source
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